All data considered, the benefit of the therapy, Oxbryta, “no longer outweighs the risk,” Pfizer said in a statement Wednesday. The company, which also announced discontinuing clinical trials as it investigates the findings,

Pfizer's decision late on Wednesday to withdraw its sickle cell disease treatment due to the risk of death could help speed up trials of new experimental rivals, Wall Street analysts said.

Based on new safety signals, Pfizer on Wednesday announced that Oxbryta’s overall benefit “no longer outweighs the risk” in patients with sickle cell disease. Guggenheim Securities analysts said the setback increases investor frustrations with the company’s business development track record.